Commerce Department Eyes Capital, Entrepreneurship Influx With Launch of Tech Hubs Program

Department of Commerce Secretary Gina Raimondo told participants of the SelectUSA Investment Summit early this month that the implementation of the $500 million Regional Technology and Innovation Hub program in various regions in the country will pave the way for public-private partnerships that will lead to an influx of capital and entrepreneurship opportunities. The department announced on May 12 its first notice of funding opportunity for the Tech Hubs program, which aims to simulate new technological investments outside the popular technology hubs like Silicon Valley and New York City to other places with leading-edge technology to include medical devices and biotechnology, FedScoop reported.

The Tech Hubs program was authorized by the CHIPS and Science Act and is part of the Biden administration’s efforts to boost competitiveness and job creation across the country. Under the program, the department will provide funding to 20 cities that will be designated as technology hubs. Applicants can submit their Tech Hubs program proposals until Aug. 15.